Public lender Bank of Baroda said its standalone net profit for the fourth quarter ended March 2023 shot up 168% to ₹4,775 crore from a year ago, sending shares up 2%.

What Happened? The bank’s net interest income (NII) – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – for the quarter grew 33.8% to ₹11,525 crore. The company also announced a dividend of ₹5.50 per share on the back of the strong results.

The bank said the sustained net interest income growth was due to year-on-year growth in advances of 18.5%, coupled with growth in net interest margins of 45 bps from last year to end the quarter at 3.53%.

See Also: Tata Motors Shares Continue Bull Run: Why This Analyst Advises Caution

Meanwhile, the bank’s gross non-performing assets fell to 3.79% in the last quarter of the fiscal year, compared with 6.61% a year ago. 

Price Action: The stock climbed as much as 2.3% to ₹186.05 in afternoon trading.

Read Next: Mukul Agrawal-Backed Firm Signs Anti-Drone Manufacturing Deal, Climbs To 4-Month High